Sheaff Brock Investment Advisors LLC lessened its holdings in 3M (NYSE:MMM - Free Report) by 93.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,626 shares of the conglomerate's stock after selling 39,051 shares during the quarter. Sheaff Brock Investment Advisors LLC's holdings in 3M were worth $359,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. CVA Family Office LLC increased its stake in shares of 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock valued at $571,000 after acquiring an additional 79 shares during the last quarter. Harbour Investments Inc. raised its holdings in 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock worth $1,443,000 after purchasing an additional 81 shares during the period. Fortis Capital Advisors LLC boosted its position in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock worth $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC grew its holdings in shares of 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock valued at $2,213,000 after buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. increased its position in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock valued at $884,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.
3M Stock Down 1.4 %
NYSE MMM traded down $1.82 during trading hours on Friday, hitting $129.79. 1,929,226 shares of the company traded hands, compared to its average volume of 4,844,047. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business's 50-day moving average is $132.80 and its 200-day moving average is $117.87. The stock has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 2.17 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm's revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.68 EPS. Sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current year.
3M Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio (DPR) is presently 35.35%.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded 3M from a "hold" rating to a "buy" rating and lifted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Bank of America increased their target price on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Argus upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. StockNews.com cut shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Finally, UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $144.87.
Get Our Latest Analysis on 3M
About 3M
(
Free Report)
3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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